I am 40 and for the last 4 years have worked as a programmer for a state agency here in Arizona.State workers have not received a raise in 5 years, and this year is not looking like it will happen either.

When I started here, I took a 5% pay cut, which I though was a fair exchange for the state benefits, namely the pension.Four years later my salary has stagnated, while the going rate in the public sector for programmers with my skills has gone up 10-20k.

My question is, at what point is a pension not worth it? I like the security of it, but as the wage gap increases, I wonder if I could just make my own investments with the extra money from a higher salary.

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